Probably you think a book titled Community Capital has to be a snoozefest.
And then there’s the new book with that title written by Clifford Rosenthal and Michael McCray and it’s a book that will rock you and your beliefs about NCUA, African American focused credit unions and more.
The book splits into two parts. There’s Rosenthal’s part where he looks at the struggles of smaller community based crest unions – he served as CEO of the National Federation of Community Development Credit Unions (now Inclusiv) for almost 30 years. He also put in a stint at the Consumer Financial Protection Bureau. He also has been a guest on the podcast, episode 37 back in 2019.
And know that although Rosenthal documents the struggles of small community development credit unions, recent developments at the federal level have left him sounding downright optimistic.
Then there’s Michael McCray’s part of the book, which documents what he sees as NCUA’s systematic destruction of the Kappa Alpha Psi Credit Union, the country’s first virtual credit union. Kappa Alpha Psi is an historic African American fraternity and the credit union did not go down without a fight.
Note: there are a few minor audio problems early in the podcast – crackling sounds that technology didn’t filter out. But the words are always audible and the content is compelling.
